‘TSMFC extending loans for self-employment’

TSMFC Chairman Mohd Imtiyaz Ishaq shares the details of the State government initiative in a chat with Asif Yar Khan

Hyderabad: The State government through Telangana Minorities State Finance Corporation (TSMFC) is extending loans to unemployment candidates for purpose of self-employment. The TSMFC Chairman Mohd Imtiyaz Ishaq shares the details of the State government initiative in a chat with Asif Yar Khan.

Q. How many persons will be provided financial assistance?

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A: We plan to provide loans to 5,000 applicants. There are two categories, one below Rs 1 lakh and the other between Rs 1 lakh and Rs 2 lakh. The State government has provided a budget of Rs 50 crore for the financial assistance scheme.

Q. Is there any reservation for women in the scheme?

A. There is a 33 per cent reservation for women applicants. There are 38 categories from which women can select and apply for financial assistance to set up any business.

Q. How long will it take for the disbursal of loans?

A. The applicant should first fill-in the online applications. After the closing date, beneficiaries will be selected through a draw of lots and the applications are forwarded to bank for disbursal of the loans. The bank loan component is to be repaid while the TSMFC grant can be used to further develop their business. All details are available of TSMFC website.

Q. What about the previous pending applications?

A. The previous applications i.e. of 2014 – 2015 are closed as seven years have passed and there is no possibility of doing verification of the applicants now. All those who had applied then, can reapply as fresh applicants.

Q. Any advice for loan applicants?

A. We are ensuring transparency in the entire process. People should not approach brokers or middlemen. If they come across any people offering to get the loan sanctioned through backdoor channels, they should inform the TSMFC or the local police immediately.